SingleOps, an Atlanta-based business management software startup that caters to the green and outdoor services industry, has raised $6 million in a Series B round led by growth equity firm Five Elms Capital. Ryan Mandl, a partner at Five Elms, joined the SingleOps board of directors.
The funding will primarily be used for hiring across teams --- including in software engineering, customer success and sales --- SingleOps President Taylor Gould said.
"Really we’re doubling down on what we’re already doing... It’s been a great past year, obviously raising funding in a time like this. It’s been quite a challenge," he said.
What drew Five Elms Capital to invest in their company was their growth, Gould said.
"We’ve grown revenue more than 100%... Our net retention has been well north of 100% --- it's actually 120%," he said.
According to Gould, the green industry is a $100 billion revenue market. Because technology adoption in the space has been relatively low, it gives SingleOps an opportunity to scale, Gould said.
"We think we’re at the beginning of a gigantic shift of the industry using this technology," he said.
The company employs 30 people and has raised $8.5 million in funding, Gould said. Even amidst the pandemic, the company is hiring, with plans to add on two more employees next week, he said.
"I think we’ll end the year around 50 (employees)," he said.
To prepare for the pandemic, SingleOps went 100% remote in mid-March, though the entire software engineering team is remote during normal operations, Gould said.
"We kind of have that (work from home) culture built in," he said. "And one of our core values is get shit done how you want."
Thankfully, the company was able to hit all the high goals in March the team had set months prior to COVID-19.
"That’s exciting, and we’re also helping customers figure out how they can navigate their way through it," he said.
Most of the clients that use SingleOps were deemed essential businesses, Gould said. The company has helped them deliver a contactless experience to prevent the spread of COVID-19.
"You’re never even exchanging a bill that exposes any risk," he said.
Gould said they hope that industry events, where they meet many customers, will be able to ramp back up in October and November.
"It’ll just be about seeing if we can replicate the success that we’ve had," he said.
Since raising a $1.6 million round led by Atlanta Tech Village Co-Founder David Cummings, Gould said the startup has grown its customer base and become more efficient from the sales and marketing part of the business. Now, it's all about running the machine as effectively as possible, he said.
"We’re really just wanting to double down in this industry because there’s a lot of opportunity and many more customers we can go out and help," he said.
